I don't know which is more incredible, the fact that the SEC wants to give someone 8 million dollars for doing their job and having a sense of morality or that we live in a society where doing one's job is and being moral is newsworthy.
Where does all the money that SEC collects in fine go? Nobody seems to know. It doesn't seem to go to anything that benefits the society that is regularly victimized by these white collar criminals. It doesn't go to an education fund for underprivileged people or donated to disease research. It just seem to go into to some discretionary slush fund that the SEC controls the purse strings on. Case in point, an 8 million dollar reward for doing the right thing. They dole out hundreds billion of dollars in fines a year. The dollar size of the individual settlements no longer phases the causal reader.
The SEC seems like another part of this crooked banking machinery. Only in the United States can you pay a fine of 10s of millions of dollars and not have to admit wrong dong. Talk about theater. The fact that they were maybe going to start requiring admission of wrong doing in certain was itself a news item:
Yes that much is known. Then what happens to that money once it's added to the Treasury's balance sheet? How is allocated or apportioned? We are talking about billions of dollars a year. Nobody knows. Its a black box.
It's not allocated or apportioned. It goes into the Treasury's general find. So it goes to paying all of the things the government pays for: Medicare, social security, and war.
Where does all the money that SEC collects in fine go? Nobody seems to know. It doesn't seem to go to anything that benefits the society that is regularly victimized by these white collar criminals. It doesn't go to an education fund for underprivileged people or donated to disease research. It just seem to go into to some discretionary slush fund that the SEC controls the purse strings on. Case in point, an 8 million dollar reward for doing the right thing. They dole out hundreds billion of dollars in fines a year. The dollar size of the individual settlements no longer phases the causal reader.
The SEC seems like another part of this crooked banking machinery. Only in the United States can you pay a fine of 10s of millions of dollars and not have to admit wrong dong. Talk about theater. The fact that they were maybe going to start requiring admission of wrong doing in certain was itself a news item:
https://www.washingtonpost.com/business/economy/sec-to-requi...
In 2014 the SEC collected over 4 billion dollars in fines! http://wealthmanagement.com/industry/sec-collects-record-41-...
I would love to buy this guy a beer. I also think he would accept and appreciate it.